NatWest Loans, Are They Keeping Up With The Rest
I tell you, loans are a staple in the modern world we live in – everyone needs them and but not all are guaranteed loans. Come to think of it. One must take out loans every now and then to build and maintain a good credit history.
And, loans are everywhere! From banks and private lenders to credit unions and peer-to-peer-lending, you can get the financial assistance you need. You’ll find a wide variety of lenders offering loans that are tailored for different credit ratings and specific circumstances.
If you want to borrow from a bank, you’ll find a long list of them in the United Kingdom. In this article, we feature the NatWest Bank, which is one of the most established banks in the UK.
NatWest Capsule History
NatWest actually stands for National Provincial Bank and Westminister Bank. These two giants, having to build their empire since the 1650s, merged as National Westminster Bank in 1968.
It completely shocked everyone, but the advantage was clear to both banks. By combining their forces together, it enhanced their financial strength, created more opportunities to streamline the branch networks, and allowed greater investment in new technology.
The statutory process of integration was completed after a year and National Westminster Bank started trading on January 1970.
With 3,600 branches, the brand new bank developed an array of new services, which included the bank’s first credit card, Access, in 1972, and computer-linked cash dispensers, Service tills, in 1976. Deregulation in the 1980s, culminating in ‘Big Bang’ in 1986, also encouraged National Westminster Bank to enter the securities business.
Over the decades, NatWest has expanded their banking services and climbed up the ladder in the finance world. In March 2000, The Royal Bank of Scotland Group completed the acquisition of NatWest in a £21 billion deal. It was the largest take-over in British banking history. NatWest is now part of one of the world’s largest financial services groups.
You can take out a loan from NatWest anywhere from £1,000 to £35,000 that you can pay over one to five years. NatWest loans have a representative APR of 3.9%, which is one of the most affordable representatives APRs in the market today.
As with any type of loan and lender, the rates offered are determined based on your personal circumstances such as your credit score, income, as well as the amount you’re looking to borrow. This means that the interest rate quoted to you may be different from their advertised rate.
On the website, you can complete a personalised loan quote that indicates how likely you will be successful in your application and doesn’t leave a mark on your credit file. For those who are self-employed or approaching retirement, they will have to visit a local branch or call their customer service team to receive a quote.
NatWest Loan Eligibility and Application
There are a few criteria that you will need to meet when you apply for a NatWest loan. You must be over 18 years old, must have held a NatWest current account for at least three months, and must have a good credit history.
If you get a loan approval and have online banking, then most likely, you can receive the funds the next working day. However, if there is more information needed from you, it can take a little longer.
You have a few options when applying for a NatWest loan. You can get it done through an online application, telephone team or you can visit them at their local branch.
For a big high street bank such as NatWest, there’s a mixture of feelings from their customers. Many are pleased with the services and some that are unhappy.
Satisfied customers praise NatWest for making their lives easier. According to these happy customers, NatWest has made all their banking simple, allowing them to bring their account, mortgage, savings and their kids’ accounts into an easy and manageable system. They are pleased especially with their app. NatWest’s in-branch service offers multiple ways to bank, minimising queues, and making the whole process simple.
There are arguments for both good and bad about NatWest. On the downside, customers don’t like having to pay early settlement charges. And, those who do not have access to their online banking have had to make multiple calls or visits to the branch. However, despite them going to the branch and making phone calls, customers have found the process simple, efficient and have received their loans quickly.
These problems are common among high street banks in the market. They can sometimes have impersonal service, they charge for early repayment of the loan, and an account is a pre-requisite to get a loan with them.
You will need to have a good credit history to apply with NatWest, as you do with most of the big high street banks. If you have online banking with them, then you can apply online. Otherwise, you will need to go to a branch or call their customer service team.
Their online quote process is personalised to each customer and takes into consideration one’s personal circumstance. Once they are done giving the assessment, they will provide an indication of how likely it is that the applicant will be approved. This is a very helpful tool because it means that if you are given an unlikely rating, you will know not to apply. The good thing about this tool is that the quote process will not leave a footprint on your credit file.
You’ll find many reviews online about NatWest’s loans. Their Trustpilot rating is ‘bad’, but this takes into account all of the products they provide, not just their loans. If you go through the reviews, much of the dissatisfaction is about bank charges and impersonal services.
However, if you bank with NatWest and have had a positive experience then don’t let this put you off, make use of their personalised online quote and see if it’s worth applying with them. Overall, the majority of customers are still happy with the banking services and simplified process of NatWest.